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Cryptocurrency startup Copper looks to raise $500 million

Updated: Aug 31, 2024
Published: Oct 21, 2021
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London-based cryptocurrency startup Copper is considering a major new funding round at over $2.5 billion valuation.

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A funding round would be held before the end of the year

Founded in 2018 by CEO Dmitry Tokarev, Copper provides institutional investors with access to the crypto asset space by offering custody, prime brokerage, and settlements. The company has started talks with investors for a new round of funding, in which the startup could raise around $500 million in fresh capital at a valuation of around $2.5 billion.

The final numbers for the capital raise, which has yet to close, are subject to change. An investor familiar with the matter spoke to the news website business insider and stated that a funding round is likely to materialize before the end of the year.

Copper has already raised $75 million

Copper's investors to date include Dawn Capital, Target Global, Illuminate Financial Management, LocalGlobe, MMC Ventures, and hedge fund billionaire Alan Howard. The firm has already raised $75 million and employs about 160 people in its London, New York, and Singapore offices. The company says it serves more than 400 institutional clients and recently brought in former U.K. Chancellor of the Exchequer Philip Hammond as an advisor.

Copper's product is based on multi-party computation (MPC). Its most crucial selling point is called ClearLoop, which connects different cryptocurrency exchanges in a secure trading loop. Institutional demand for cryptocurrencies, especially among hedge funds and large corporations, is booming as the price of Bitcoin approaches record highs.

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